Are you one of the 10.3 million people in the US who own rental property? Without the right rental business strategies, you could struggle to compete. Other landlords in Wantagh, NY may attract renters before you get the chance.
If your rentals are sitting empty, you may need landlord rescue services. Not sure if it's time to request property owner guidance? Read on for the four signs you need to hire a property management company today.
1. High Vacancy Rate
About 6.5% of all rental properties in the US are sitting vacant. The longer your investments remain empty, the more money you'll lose. A single vacant property could cost you thousands in earning potential each month.
If your rentals are empty, it's time to hire a property management company. Their marketing strategies can help you reach Wantagh renters.
Your property manager may recommend you make a few upgrades to the property first. This can help your rentals remain competitive in today's market.
They can hire a professional photographer to highlight your beautiful property and all it offers. You can use these photos for digital advertising and social media marketing campaigns.
Marketing your listings online will broaden your reach. You'll expand your tenant pool and generate more applications. With the right marketing strategies and rental property tips, you can boost your occupancy rate.
2. Late Rent Payments
You won't reach your full earning potential if renters submit late payments. Allow your property manager to handle these stressful situations.
They'll ensure you choose reliable renters by establishing a tenant screening process. You can avoid renters who have a history of paying late. Your property manager will also have renters pay online, allowing you to automate late charges.
3. Lack of Time
If you're stretched thin and managing multiple properties at once, hire a property manager. They can streamline processes, saving you valuable time. Otherwise, you may experience excessive landlord stress.
They can help if you own investment properties in different areas. You can trust a team to take care of your tenants and properties. Tenants may decide to renew their leases, increasing your occupancy rate.
4. Neglected Properties
Scheduling routine property inspections can save you money and future stress. If your properties look neglected, you won't attract renters.
Your property manager can handle inspections and property maintenance requests. They'll keep your properties in the best possible shape. You can save money on potential renovation projects in the future.
To save more time, your property manager can accept maintenance requests online. You can track projects online to ensure there aren't delays.
Call for Landlord Rescue Services
Are these four problems leaving you in need of rental business strategies? It's likely time to request landlord rescue services. With help from a property management company, you can thrive in today's real estate industry.
Our team at PMI Empire Solutions offers property management solutions you can trust. We're part of a fast-growing franchise that's perfected the industry for 20 years.
Trust our state-of-the-art technology, award-winning services, and expertise. Contact us now for a free rental analysis!
